The Shutdown Point for a Perfectly Competitive Firm Is the

question 36

Multiple Choice

The shutdown point for a perfectly competitive firm is the

• A) lowest point on the ATC curve.
• B) point at which a firm's long-run supply curve ends.
• C) lowest point on the AVC curve.
• D) lowest point on the marginal cost curve.

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Definitions:

Phrenology

A now-discredited theory that suggested the bumps on the skull could predict mental traits or character.

Localization of Function

The concept in neurology and psychology that specific parts of the brain are responsible for specific functions or behaviors.

Doctrine of Specific Nerve Energies

A principle in neuroscience that suggests each sensory nerve pathway produces its own specific type of sensation, regardless of how it is stimulated.

Mitosis

A type of cell division that results in two daughter cells each having the same number and kind of chromosomes as the parent nucleus, typical of ordinary tissue growth.